Pantomath Capital Advisors (P) Ltd., a SEBI Registered Category I Merchant Banker, has filed draft red herring prospectus of Mumbai based loungewear manufacturer Momai Apparels Limited ("MAL or the Company") with NSE Emerge - the NSE SME Platform for a public issue of approximately INR 41 Crs through book building route. Out of the total INR 41 Crs, the Company contemplates to raise approximately INR 13 Crs as pre-IPO placement. This is the biggest IPO filed on Indian SME Exchanges so far.

MAL incorporated in the year 2010, is a subsidiary of Ashapura Intimates Fashion Limited ("AIFL"), one of the leading companies in loungewear. MAL is engaged in the business of manufacturing of non-branded intimate garments such as loungewear, bridal night wear, honeymoon sets, bathrobes, night wear, sportswear, leggings, camisole.

The proceeds raised through the IPO are to be utilized for acquisition of land for new manufacturing facility, long term working capital requirements, general corporate purpose and issue expenses.